Brace Yourself: This Is How Much $$$ American Parents Spend on Allowance Each Year, According to Study

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When you think of our nation's billion-dollar industries, your mind probably goes straight to oil, Facebook, Oprah . . . But what about allowance?

Turns out, $41 billion is given to kids as allowance every year in the U.S.

In a survey conducted by, American parents shell out an estimated $790 million to their kids every week. That calculates to a staggering $41 billion a year in allowances. (For perspective, Mrs. Winfrey's net worth is hovering around $2.8 billion . . .)

This number is even more startling when you consider that not every parent even gives their kids an allowance. In fact, of those surveyed with children ages 21 or younger, only 53 percent of them — which equates to 46.6 million parents — do so.

So, at this point, you're likely realizing that the kids who do get an allowance aren't counting it in meager coins. Nope, the average weekly allowance is a whopping $17.

This number is even more startling when you consider that not every parent even gives their kids an allowance.

Kids up to age 10 receive an average $13 weekly, and those ages 11 to 21 (who is still giving their legally drinking adult child an allowance?!) get more: the average age of respondents' eldest children was 14, and these parents report giving them $19.78 a week! Compare that to second children who average 12 years old and receive $17.47 every seven days. More mind-boggling is that parents of an only child give their kid an average of $19 per week regardless of age, whereas kids with siblings are more likely to hover around $16 weekly.

If all these numbers are making you second-guess your savings account, there's a silver lining. Of the slight majority of parents who do dole out dollars, most (roughly 86 percent) require their kids to complete a task or chore to get the cash.

"Many parents take pride in guiding their kids toward financial responsibility through an allowance, helping them to talk about and better manage money," stated on its site. "Others also use it as a tool to simply get their kids to do chores around the house."

So, what does all this mean for you? If you plan to give an allowance and have any desire to keep up with the Joneses (or, at least, the national average), you can expect to hand $884 a year to your child. Worth it?